GlobeX Data : CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

GLOBEX DATA LTD.

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

(Expressed in Canadian Dollars)

Independent Auditor's Report

To the Shareholders of GlobeX Data Ltd.,

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of GlobeX Data Ltd. (the "Company"), which comprise the consolidated statements of financial position as at December 31, 2021 and 2020, and the consolidated statements of comprehensive loss, changes in shareholders' equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects the financial position of the Company as at December 31, 2021 and 2020, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS).

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

Management is responsible for the other information. The other information comprises the information included in "Management's Discussion and Analysis", but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is William Nicholls.

CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, BC, Canada

March 4, 2022

GLOBEX DATA LTD.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian Dollars)

As at

						December 31, 2021	December 31, 2020
ASSETS
Current	$	8,812,477
Cash and cash equivalents	$	494,927
Receivables					48,555		19,472
Prepaid expenses (Notes 6 and 9)					775,294		126,848
Non-current					9,636,326		641,247
				666,900
Equipment (Note 3)						-
Intangible asset (Note 4)					2,552,573		2,552,573
Total Assets	$	12,855,799	$	3,193,820
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	$	77,730
Accounts payable and accrued liabilities	$	45,784
Due to related parties (Note 6)					-		2,759
Licensee fees payable (Notes 1, 4 and 6)					52,734		38,248
Shareholders' equity					130,464		86,791
				20,982,323
Share capital (Note 5)						6,161,300
Shares subscribed (Note 5)					-		22,780
Reserves (Note 5)					5,228,563		996,016
Deficit					(13,485,551)		(4,073,067)
							12,725,335		3,107,029
Total Liabilities and Shareholders' Equity	$	12,855,799	$	3,193,820
Nature of operations and going concern (Note 1)
Subsequent events (Note 12)
	Approved on behalf of the Board of Directors:
	"Alain Ghiai"					"Henry Sjöman"
	Director						Director

The accompanying notes are an integral part of these consolidated financial statements.

GLOBEX DATA LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Expressed in Canadian Dollars)

		Year ended			Year ended
		December 31,			December 31,
		2021			2020
REVENUE (Note 11)	$	144,881	$	26,756
EXPENSES		66,395
Accounting and audit (Note 6)				53,754
Consulting fees		139,008			119,345
Depreciation (Note 3)		6,198			-
Legal		8,428			4,384
Licensee fees (Notes 1, 4 and 6)		14,431			2,675
Marketing		3,796,378			153,333
Office and administration		52,044			44,931
Rent and virtual office		35,656			38,075
Share-based payments (Notes 5 and 6)		4,555,966			461,803
Software maintenance (Note 6)		794,149			409,714
Transfer agent and filing fees		48,789			35,453
Travel		7,230			30,566
		(9,524,672)			(1,354,033)
OTHER ITEMS
	7,046
Interest income				5,660
Gain (loss) on foreign exchange		(39,739)			2,122
		(32,693)			7,782

Net loss and comprehensive loss for the year

Basic and diluted loss per share

Weighted average number of common shares outstanding

$ (9,412,484)

$ (0.11)

87,769,397

$ (1,319,495)

$ (0.02)

54,546,447

The accompanying notes are an integral part of these consolidated financial statements.